March 27, 2024
Coinbase Enlists Ex-UK Chancellor Osborne Amid SEC Battle
Latest Cryptocurrency News

Coinbase Enlists Ex-UK Chancellor Osborne Amid SEC Battle

Coinbase Global Inc. has enlisted former U.K. Chancellor of the Exchequer George Osborne as an advisor, a strategic move as the crypto exchange grapples with increasing regulatory scrutiny in the U.S. Osborne joins a roster of influential political figures on Coinbase’s Global Advisory Board, including former U.S. Senator Patrick Toomey, former U.S. Secretary of Defense Dr. Mark T. Esper, and former U.S. Congressman Sean Patrick Maloney.

As the former finance minister from 2010 to 2016, Osborne brings a wealth of experience in government and international affairs. His advisory role extends beyond his political tenure, as he served as an adviser to BlackRock, the world’s largest asset manager, from 2017 to 2021. Osborne expressed his commitment to helping Coinbase navigate regulatory challenges and contribute to the evolving landscape of the crypto industry. There’s a huge amount of exciting innovation in finance right now, Osborne said of his appointment at Coinbase.

“Blockchains are transforming financial markets and online transactions. Coinbase is at the frontier of these developments. I look forward to working with the team there as they build a new future in financial services.”

Coinbase, facing heightened regulatory pressure, is confronting a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June 2023. The SEC alleges that Coinbase offered unregistered securities, failing to register as a broker, national securities exchange, or clearing agency.

The lawsuit specifically points to various tokens on the exchange, including Solana, Cardano, Polygon, Filecoin, The Sandbox, Axie Infinity, Chiliz, Flow, Internet Computer, Near, Voyager Token, Dash, and Nexo, claiming they qualify as unregistered securities.

Despite these challenges, Coinbase remains optimistic about the lawsuit’s outcome, with a 70% chance of full dismissal, according to Bloomberg senior litigation analyst Elliott Stein’s January 19 analysis. George Osborne’s addition to Coinbase’s advisory team is seen as a strategic move to leverage his political and financial expertise in navigating the complex regulatory landscape surrounding cryptocurrencies.

Image by DilokaStudio on Freepik

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